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Now showing items 97 - 112 of 13730

  • CEO Compensation from M&As in Australia

    Bugeja, Martin   Rosa, Raymond da Silva   Duong, Lien   Izan, H. Y.  

    We investigate Australian CEO compensation following mergers and acquisitions (M&As). We find CEOs of acquiring firms receive higher compensation in the year of M&A completion and one year after. We also find a positive correlation between CEO compensation and firm performance, and some measures of CEO effort and skill in completing the deal. However, CEOs of bidding firms receive a lower bonus and other compensation if they wield more managerial power (that is, if the CEO sits on the nominating committee, has a higher level of share ownership, or the board has more executive directors). This result is in sharp contrast to the US where compensation is influenced by CEO power. Overall our findings are more consistent with the predictions of the incentive alignment theory rather than the managerial power theory.
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  • Liberal Learning as a Quest for Purpose by William M. Sullivan

    Madero, Cristobal  

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  • Liberal Learning as a Quest for Purpose by William M. Sullivan

    Madero, Cristobal  

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  • Cross-border diversification through M&As in Latin America

    Pablo   Eduardo  

    This study analyzes a database of 952 acquisitions in Latin America during the period from 1998 to 2004. Higher GDP growth correlation between the countries where the target and the bidder base their operations directly relates to higher cumulative abnormal returns for the acquiring firm. This result in the emerging markets of Latin America supports the evidence that Kiymaz and Mukherjee (2000) report in developed economies. This study also finds that the bidder benefits from buying companies located in countries whose governance environment differs significantly from that in the country where the bidder resides, even if the quality of the governance in the target country is worse than in the bidder's country. Although counter-intuitive, this result is consistent with evidence that Haggendorff, Collins, and Keasey (2008) report. [All rights reserved Elsevier].
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  • Diversification in M&As: Decision and shareholders‿valuation

    Isabel Feito-Ruiza   Susana Menéndez-Requejob  

    The aim of this paper is to analyze the diversification decision in Mergers and Acquisitions (M&As) and how this decision is valued by acquiring shareholders, considering the influence of the legal and institutional environment. Using a sample of 447 M&As announced by European firms, which acquire a target in any country in the world over the period 2002-2007, we find that the weak legal and institutional environment in the bidder country has a positive impact on the diversification decision. After controlling the diversification endogeneity, we observe that acquiring shareholders value diversified M&As negatively in countries with strong legal and institutional environment. This result indicates that the benefits of the internal capital market effect dominate the agency conflicts‿effect. We also observe that acquiring firms with concentrated ownership structures value diversified M&As negatively in countries with strong legal and institutional environment.
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  • Acquisition discount and valuation effect of private M&As in China

    Dong, Jichang   Jiao, Danxiao   Sun, Xilong  

    An acquisition discount can reflect not only the liquidity demands for unlisted targets but also the strategic requirements, management efficiencies and capital allocations for the listed bidders. Based on Officer (2007), the authors choose an acquisition approach to generate an acquisition discount for unlisted targets. In China, unlisted firms are sold at a deeper discount than listed firms. The deeper discount mainly depends on the liquidity demand and the characteristics of the bilateral trading components. Larger bidders tend to pay more, whereas smaller targets are sold at lower discounts. The values of unlisted targets in the TMT industry are underestimated. Furthermore, buying out unlisted targets can significantly increase the abnormal return of public bidders during the announcement period. Deeper discounts or stock payments have a positive effect on the stock values of the bidders, whereas this positive increase will be weakened if the bidder is large or has a previous ownership relationship.
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  • Corporate life cycle, investment banks and shareholder wealth in M&As

    Chuang, Kai-Shi  

    This study investigates corporate life cycle on the influence of shareholder wealth in M&As. Specifically, the current study examines whether firms in different corporate life cycle stages are more likely to hire financial advisors in M&As and whether financial advisors can create higher value to firms within various corporate life cycle stages. Using 919 targets and 3647 bidders during the period of 1995-2014, the results show that growth (stagnant) bidding firms are less (more) likely to hire financial advisors in M&As. In addition, the evidence reveals that stagnant targets earn higher announcement returns. The regression analysis reveals that targets in growth stages earn lower (higher) announcement returns when targets do not (do) hire financial advisors. Furthermore, stagnant bidders obtain lower announcement returns around merger and acquisition announcements, but experience higher post-announcement returns during the post-announcement period. While the regression analysis consistently shows lower announcement returns to stagnant bidders, the evidence indicates that mature bidders with the use of financial advisors obtain higher announcement returns in M&As. Given that bidders hire financial advisors, the regression analysis reveals that growth bidders obtain lower post-announcement returns. Instead, mature bidders that hire financial advisors obtain higher post-announcement returns during long run post-announcement period. Overall, this study sheds lights on the importance of corporate life cycle and financial advisors on shareholder wealth in M&As. (C) 2016 Board of Trustees of the University of Illinois. Published by Elsevier Inc. All rights reserved.
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  • “Shotgun” Bank M&As

    James S. Sagner  

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  • “Shotgun” Bank M&As

    James S. Sagner  

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  • Co3M2S2 (M = Sn, In) shandites as tellurium-free thermoelectrics

    Corps, Jack   Vaqueiro, Paz   Powell, Anthony V.  

    Chemical substitution in Co3Sn2-xInxS2 (0 <= x <= 2) enables tuning of the Fermi level within narrow bands of Co d-states. This results in a compositionally induced double metal-semiconductor-metal transition and manipulation of the thermoelectric power factor. The maximum power factor (14 mu W cm(-1) K-2) is found for x = 0.85, which corresponds to ZT approximate to 0.2 at 300 K.
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  • Acidity of M(VI)O-2(OH)(2) for M =3D Group 6, 16, and U as Central Atoms

    Feng, Rulin   Vasiliu, Monica   Peterson, Kirk A.   Dixon, David A.  

    Gas-phase acidities and aqueous solution pK(a)'(s) are predicted for MO,(OH)2, where the center, atom M is a main Group 6, 16, and U atom using the Feller Peterson Dixon approach based on coupled cluster CCSD(T) calculations with additional corrections. The gas-phase acidities of the MO,(OH)(2) compounds are essentially the same for elements (M) of the same group, 304-310 kcal/mol at 298 K. All of the Group 6 compounds are 5-6 kcal/mol less acidic in the gas phase than H2SO4. The gas phase acidity of UO2(OH)2 is calculated to be up to 338.0 kcal/mol,,similar to 10% less acidic in the gas phase than the other MO2(OH)2 acids. The most acidic molecule in aqueous solution is predicted to be H2SO4. Overall, for the Group 16 compounds, the pKa's increase going down the group, with H2PoO4 predicted to be slightly more acidic than nitric acid. H2CrO4 is the most acidic of the Group 6 transition metal compounds. The aqueous acidities of H2MoO4 and H2WO4 are comparable and about 3 pK(a) units less acidic than H2CrO4 and comparable in acidity to HNO3. H2UO4 is not acidic at all in aqueous solution with a plc near 20 plc units and is also not predicted to readily undergo hydrolysis reactions.
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  • C (a)(M) as a smooth envelope of its subalgebras

    Akbarov, S. S.  

    A smooth envelope of a topological algebra is introduced, and the following result is announced: the smooth envelope of a given subalgebra A in C (a)(M) coincides with C (a)(M) if and only if A has the same tangent bundle as M.
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  • The Role of Corporate Political Strategies in M&As

    Croci Ettore   Pantzalis Christos   Park Jung Chul   Petmezas Dimitris  

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  • New Geography of M&As: A Framing Device of Firms' Strategies

    Caiazza, Rosa   Very, Philippe   Ferrara, Graziella  

    The emergence of new economic centers is changing the competitive scenario. The diffusion of power across an increasingly broad range of countries has opened a window of opportunity for firms from China that want to compete globally. These firms understand their options in exploiting economic geography, and they frequently use cross-border mergers and acquisitions (M&amp;As) to penetrate developed countries. The United States and Europe are becoming natural destinations for such investments because of their huge markets and leading-edge technologies. This article provides a "framing device" for firms' strategies in a multipolar world. (C) 2015 Wiley Periodicals, Inc
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  • CEO Compensation from M&As in Australia

    Martin Bugeja   Raymond da Silva Rosa   Lien Duong and H.Y Izan  

    Abstract: We investigate Australian CEO compensation following mergers and acquisitions (M&amp;As). We find CEOs of acquiring firms receive higher compensation in the year of M&amp;A completion and one year after. We also find a positive correlation between CEO compensation and firm performance, and some measures of CEO effort and skill in completing the deal. However, CEOs of bidding firms receive a lower bonus and other compensation if they wield more managerial power (that is, if the CEO sits on the nominating committee, has a higher level of share ownership, or the board has more executive directors). This result is in sharp contrast to the US where compensation is influenced by CEO power. Overall our findings are more consistent with the predictions of the incentive alignment theory rather than the managerial power theory.
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  • The Role of Corporate Political Strategies in M&As

    Ettore Croci   Christos Pantzalis   Jung Chul Park  

    Firms contributing to politicians or involved in lobbying are less likely to receive a bid and, if so, their takeover process is lengthier. Additionally, firms making political contributions, but not those engaged in lobbying, receive higher takeover premium and their CEOs are more likely to retain an executive position in the combined firm in a takeover event. These results are consistent with the notion that political connections can be regarded as valuable intangible assets which affect takeovers. Finally, we show that political geography also matters in acquisitions with the premium effect being exacerbated by target firms' proximity to political power.
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